X

Amelia from Columbus

Signed up at Spin Buffalo 23 minutes ago.

» Try Spin Buffalo too
Do not show again

Polygon (MATIC) has advanced from $0.28 to $0.44 since November 04, 2024, and the current price stands at $0.42. This bullish trend implies intense market purchasing pressure and suggests traders are currently bullish on MATIC’s prospects.

Polygon (MATIC) remains supported after Bitcoin’s price advanced above $93,000 and crypto analysts link this positive trend to Donald Trump’s decisive victory in the U.S. presidential election. However, some crypto analysts suggest that Bitcoin might be in overbought territory, signaling a potentially overheated market. If Bitcoin does retreat from its important support at $90,000, significant sell-offs could follow, as traders and investors rush to secure their profits.

If the price of Bitcoin falls below important support levels like $85,000 or $80,000 it might worsen the situation and drag the entire cryptocurrency market down with it. This could be particularly problematic for altcoins like Polygon (MATIC), as many rely on Bitcoin’s bullish momentum to sustain their own upward trends. So where is the price of MATIC going next, and what can we expect from the rest of November 2024?

Today, Crypto Lists will discuss Polygon (MATIC) price estimates from a technical and fundamental analysis perspective. Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk, and how much margin you have if trading with leverage.

Popular Layer 2 scaling solution

Polygon is a popular Layer 2 scaling solution for the Ethereum network that relies on sidechains for achieving faster and cheaper transactions. The current blockchain ecosystem is not prepared to scale to match the demands of end-user applications with mass adoption; transactions are usually very slow and have very limited throughput.

Numerous blockchain protocols impose restrictions on block size, whereas smart contract platforms commonly make trade-offs in decentralization to enhance transaction speeds. It’s crucial to note that Polygon addresses challenges linked to blockchains and is dedicated to enhancing the accessibility of decentralized finance (DeFi) for a broader user base.

MATIC is the native utility token of the Polygon, and it is used for various purposes, including staking, participating in the network’s governance, and paying transaction fees. The last two weeks have been very positive for MATIC, and the price of this crypto added more than 50% of its value since November 04, 2024.

Polygon (MATIC) remains supported after Bitcoin’s price surged past $93,000 but it is also important to say that Polygon’s ecosystem continues to grow, with more decentralized applications (dApps), partnerships, and integrations. This sustained adoption helps maintain demand for MATIC, regardless of Bitcoin’s fluctuations.

Polygon is launching a Governance Hub

Polygon is continuously working on new features and according to the latest news Polygon is launching a Governance Hub, providing tools for community involvement in system changes. Governance enhancements like this can significantly benefit a crypto project by fostering transparency and strengthening community trust. An engaged and active community proposing valuable upgrades can, over time, contribute to price stability or even drive growth.

Positive information is that Magic Labs, a wallet infrastructure provider, shared this month that it has integrated with Polygon’s AggLayer to provide a network dedicated to chain unification, called Newton. Newton will enable wallet solutions to integrate with the AggLayer, a Polygon-supported initiative designed to link affiliated chains and facilitate seamless token transfers across them.

Expanding the ecosystem

The AggLayer is one of Polygon’s latest innovations, aimed at unifying liquidity and fragmentation across various blockchains. Blockchains that are not built with Polygon’s technology also have the option to plug into the AggLayer to gain access to other networks in Polygon’s ecosystem. Sean Li, CEO of Magic Labs said:

“Chain unification is inevitable — like ACH or SWIFT for crypto. Developers can build user experiences that eliminate barriers. Users should only care about transaction cost and speed, not the chain. Eliminating UX barriers will unlock the best use cases.”

Despite this positive news, investors should keep in mind that Polygon (MATIC) also carries its risks as an investment, and history has shown many times that its price can fluctuate dramatically over short periods, leading to substantial gains or losses.

In the weeks to come, Polygon (LTC) will also remain influenced by the general situation in the cryptocurrency and hence, engaging in investments related to MATIC demands deliberate consideration. Undertaking comprehensive research and evaluating one’s risk tolerance are fundamental measures prior to committing to any investments within this sphere.

Technical analysis for Polygon (MATIC)

Polygon (MATIC) has advanced from $0.28 to $0.44 since November 04, 2024, and the current price stands at $0.42. This upward trend indicates strong buying pressure in the market, showing that traders are feeling optimistic about MATIC’s future. Donald Trump’s victory is seen by some as fostering a pro-business environment, which generally bolsters investor confidence in alternative assets like cryptocurrencies.

Technical analysis for Polygon (MATIC)

Important support & resistance levels for Polygon (MATIC)

Important support & resistance levels for Polygon (MATIC)

On this chart (the period from April 2024), I marked important support and resistance levels that can help traders understand where the price could move. Polygon (MATIC) remains supported last several days, and if the price advances above the resistance that stands at $0.50, the next target could be an important resistance level at $0.60.

The important support level is $0.35, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $0.30. If the price drops below $0.30, which represents a very strong support level, the next target could be located around $0.25.

What speaks for the rise in the Polygon (MATIC) price

Polygon (MATIC) is a promising project that could have a bright future, and the MATIC coin will likely continue to play a significant role in the cryptocurrency market. Polygon is consistently innovating with new features, and recent updates reveal the launch of a Governance Hub. This initiative aims to enhance community engagement by offering tools that empower users to participate in shaping system changes.

An engaged and active community proposing valuable upgrades can, over time, contribute to price growth. The overall sentiment on the cryptocurrency market also plays a very important role in MATIC’s price trajectory, and if investors improve their confidence further, an upside potential could benefit MATIC. For the bulls to be in control of price movement, a move above $0.50 would be beneficial.

What indicates the downfall of Polygon (MATIC)

The downfall of MATIC can be influenced by a wide range of other factors, including market sentiment, regulatory developments, technological issues, and macroeconomic trends. The important support level for MATIC stands at $0.35, and if the price falls below this level, the next target could be $0.30. The price of MATIC is usually correlated with the price of Bitcoin, and if the price of Bitcoin drops below the $85000 price level, that would certainly have a negative influence on the price of MATIC.

What do analysts and experts say?

The cryptocurrency market showed positive developments last several days, Bitcoin advanced above $93,000 and this situation also had a positive influence on Polygon (MATIC). Crypto analysts are linking this positive trend to Donald Trump’s decisive victory in the U.S. presidential election and they speculate that a return of Trump’s policies could lead to another wave of cryptocurrency adoption.

Donald Trump’s critical stance on centralized financial systems, coupled with his unpredictable approach to economic policy, may lead to renewed interest in decentralized assets. Polygon (MATIC) is a promising project that could have a bright future but investors should remember that investing in MATIC comes with its own risks and its price history shows frequent, sharp fluctuations that can lead to significant gains but also steep losses.

Some cautious analysts are warning that Bitcoin might be headed for a downturn in the coming weeks. Since Bitcoin often drives the overall crypto market, a drop in its price could easily pull down MATIC and other cryptocurrencies with it.

Disclaimer: Crypto is extremely volatile and not suitable for everyone to invest in. Never speculate with money that you cannot afford to lose. The information on this site is presented for educational purposes only and should not be construed as investment or financial advice.

by Our Certified Author
New Casino Reviews
New Crypto Casinos
Best Crypto Casinos
Recent Crypto Sites
Recent Crypto Coins
Keep up to date with
 

Our Newsletter

Sign up to our newsletter to get the
latest crypto news, new casinos,
bonus offers and other exciting
exclusives.
* indicates required
CryptoLists.com
Copyright © 2019-2022, by Crypto Lists Ltd (CryptoLists.com). Company name: Crypto Lists Limited. Address: 5 Upper Montagu Street, LONDON W1H 2AG, England.
Jump to top